NEW YORK, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against TuSimple Holdings, Inc. (NASDAQ: TSP) on behalf of long-term stockholders following a class action complaint that was filed against TuSimple on August 31, 2022 with a Class Period pursuant to the Company’s April 15, 2021 IPO. Our investigation concerns whether the board of directors of TuSimple have breached their fiduciary duties to the company.
TuSimple is the subject of a Wall Street Journal article published on August 1, 2022. The article alleges that one of the Company’s autonomously driven trucks left its lane of travel without warning before striking a cement barricade. The article states that the accident “underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market.” Although the Company attempted to blame human error, the Journal points out that “it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading.” The article also reveals that the Federal Motor Carrier Safety Administration has launched a “safety compliance investigation.”
Based on this news, shares of TuSimple fell $0.97, or 9.7%, during intraday trading to close at $8.99 per share on August 1, 2022.
According to the complaint, the Company made false and misleading statements to the market. TuSimple overstated its commitment to safety and concealed significant problems with its technology. The Company rushed testing of its autonomous driving systems to bear its competitors to the market. The Company fostered a corporate culture that ignored safety in favor of ambitious delivery schedules. This culture made accidents during road testing more likely. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about TuSimple, investors suffered damages.
If you are a long-term stockholder of TuSimple, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
